3 More Bank Failures
Gold staged its recovery ending at $959. Could be a sign of a breakout if it closes above $975 next week.
In the news today…..
3 More Banks failed – bringing the total to 84 banks so far this year – and there are many, many more to come. The FDIC funds are nearing depletion and are projected to be zero by year end. But, don’t worry…. They have a $500B line of credit with the US Treasury that they can tap anytime. So, they won’t run out of money. (Sarcasm intended.)
If you have multiple individual accounts at one bank, it’s important to structure them carefully so they don’t exceed the limits. The FDIC has a calculator on its Web site called the electronic deposit insurance estimator, or EDIE, that can help determine how much money in deposit accounts, if any, exceeds the insurance limits. You can find it here: http://tinyurl.com/lt3aok.
Heaven (on Earth)……
Have you ever had a cup of the best coffee? It’s called cappuccino.
Have you ever had a cone of the best ice cream? It’s called gelato.
Have you ever had a meal with freshly made pasta with a clam sauce with a fresh mixed salad?
Well you must come over to the Lido in Venice, Italy where the best restaurant is located in the middle of a residential area and run by the owner and his wife. Lots of regulars and the chef comes out to say “hello” during the meal.
And to be here with my lover and wife – that’s heaven.
Here are the last numbers for today:
Dow Jones 30 Industrial – 9544 (down 36 points)
10 Year Treasury Bond – 3.45% (down 0.01%)
Euro – $1.4295
Gold – $959 (up $12)
Oil – $72.74 (up $0.25)
Gasoline $2.06 (up $0.03)
Is the EDIE website safe? (As posted on Sat. Aug. 29th) Or is my bank information going directly into the government through this FDIC site? I don’t want the government to have so much information from me.
Thank you.
Hi guys,
Quick question for you. Why is it the number of U.S. bank failures is the least bit important, considering the U.S. has around 8,200 banks vs. Canada having 72 ? Can not a case be made for it to be a good thing?? i.e. thinning the herd ??
The concept of thinning the herd of US banks has merit. But, more banks bring more competition – if we can ever get back to regular bank lending.
I encourage the US to thin the herd by killing off the banks who caused this mess in the first place. It is what they deserve. However, it doesn’t look that way as those banks are just “friends” of the government right now.